Strike Three, You're...$4 Billion More in the Hole
After fixing our state budget...twice... we're still hurtling toward a $4.1 billion dollar deficit this year.
A) Told ya' so...twice. B) the only way, and I mean only, way to solve the problem is to slash $20 billion from the budget immediately. Yes. $20 billion. Starting now.
I am sure that the state Comptroller's office is looking at those juicy bonuses talked about today on the cover of the WSJ and thinking that they only have to keep things afloat until those get paid out and taxed. Don't bank on it. Those bonuses may be big but there will be fewer of them. Fair enough, Goldman guys and gals might get paid well, but the Lehman guys and the Bear Stearns guys and gals...? Well, if they found a home somewhere else, sure, but large numbers did not. AIG? Citigroup? Plus, there will plenty of realized capital losses from stock sales in 2009 taking down taxable income, and precious little gains. Tax revenue will be shy in 2010 too. Get used to it and slash that budget.
A) Told ya' so...twice. B) the only way, and I mean only, way to solve the problem is to slash $20 billion from the budget immediately. Yes. $20 billion. Starting now.
I am sure that the state Comptroller's office is looking at those juicy bonuses talked about today on the cover of the WSJ and thinking that they only have to keep things afloat until those get paid out and taxed. Don't bank on it. Those bonuses may be big but there will be fewer of them. Fair enough, Goldman guys and gals might get paid well, but the Lehman guys and the Bear Stearns guys and gals...? Well, if they found a home somewhere else, sure, but large numbers did not. AIG? Citigroup? Plus, there will plenty of realized capital losses from stock sales in 2009 taking down taxable income, and precious little gains. Tax revenue will be shy in 2010 too. Get used to it and slash that budget.
posted by Donny Baseball at 4:41 PM
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